Nio Rides Goldman Upgrade as Profitability Push Gains Traction

Nio shares have extended gains since Goldman Sachs upgraded the Chinese EV maker to Buy from Hold with a $7 price target, citing improving margins and volume growth. The stock rose 3.7% on the upgrade and has held most of that ground as analysts firm up second-quarter estimates.

The operational picture has improved markedly. Nio delivered 40,597 vehicles in June, up 63% from a year earlier and its best monthly tally of 2026, though second-quarter deliveries of 107,658 came in just below guidance of 110,000–115,000. Gross margin has nearly tripled year over year to about 19% as R&D spending fell 41%, and the company has now posted two consecutive quarters of non-GAAP profitability.

Deutsche Bank expects Nio to stay non-GAAP profitable in the second quarter, estimating roughly 180 million yuan in net profit, while CEO William Li continues to target full-year 2026 profitability helped by the new ES8 and ES9 launches.